'Debt is owning the bank money.The excellent definition offered by 'GDT' in the comments to Fraser Nelson's Spectator piece entitled 'Why Cameron must never say "deficit".'
Deficit is earning £100 a week and spending £200 a week.
So when Brown saying reduce the deficit by half he means we'll be spending £150 a week, even though our income is only £100 still.
So, under Gordon Brown our debt will increase - until we can no longer borrow money and the proverbial hits the fan.'
Read the whole article and the comments, there is much sense there.
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